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Galaxy Digital, Paxos and Genesis Trading have prepared a draft code for the bitcoin industry

  • The cryptocurrency industry may have a code of ethics.
  • The standards are supposed to improve the reputation of the industry.

The Association of Digital Assets Market (ADAM), founded by such companies as Galaxy Digital, over-the-counter service Genesis Global Trading and blockchain startup Paxos, has prepared a draft version of the ethical code for the cryptocurrency market. Об этом сообщает CoinDesk.

The authors of the document point out, the new standards are designed for companies that work with institutional investors. They are designed to improve the reputation of the cryptocurrency industry.

The Code addresses issues of transparency, legal compliance, risks, information security, business sustainability, conflict of interest prevention, market manipulation, money laundering and terrorist financing.

In particular, companies are advised to be truthful in their statements, clearly indicate whether the prices they provide are solid or indicative, and to pass on to customers and counterparties all the substantial information" about their business relationship.

Companies found to have violated standards may be excluded from the organization and lose "the approval of the market." The final version of the document is expected to be prepared before the beginning of 2020 after the draft document is updated in accordance with the comments obtained from the member companies.

The Association was formed in November 2018 to standardize the rules of work in the industry of cryptocurrency trading, storage, clearing and settlement. Ten large organizations became ADAM founders.

Recently, a custodian company BitGo and Anchorage, trading and venture capital firm CMT Digital, crypto-credit startup BlockFi and broker Tagomi joined the Association.

In December 2016 the Code of Conduct for Players in the Digital Currency Industry, created by the Digital Currency and Commerce Association of Australia, came into force.
 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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